KEPCO announces bidding for headquarters in Gangnam

KEPCO’s headquarters in Samseong-dong, Gangnam-gu, southern Seoul

By Park Ji-won

Korea Electric Power Corp. (KEPCO) said Friday that the site of its main office in Samseong-dong, Gangnam-gu in southern Seoul, is estimated to have a market value of 3.3 trillion won ($3.2 million).

The land, located in an affluent area and covering 79,342 square meters, has been up for sale, with Hyundai Motor and several other companies having shown interest. The publicly noticed value of the land, set by the government, is 1.48 trillion won.

The site is some three times larger than “Samsung town” in Seocho-dong, Seoul, and six times larger than the LG Twin Tower in Yeouido, Seoul.

KEPCO said it will accept bids by Sept. 17 and the bidder submitting the highest offer will be selected as the winner of the auction.

On top of Hyundai Motor, Samsung Group, Chinese property developer Greenland Group and U.S. casino and resort developer Las Vegas Sands have expressed interest in the property.

Hyundai Motor Group released a statement Friday saying that it will actively seek to acquire the site to build its global headquarters, theme park, convention center and other facilities for the public.

The Korean leading auto maker plans to relocate its existing Yangjae headquarter to the Gangnam site.

Samsung Group has said that it will make a final decision whether to bid for the land after conducting a thorough study.

Samsung Group’s affiliate, Samsung Life Insurance, bought some real estate in Gangnam from the Korea Appraisal Board in 2011. Samsung C&T Corporation also planned a business complex by making a consortium with POSCO, the nation’s leading steel-maker, in 2009.